Market Overview
The Garcinia Market is set to procure a growth rate of 3.77% from 2020 to 2027 (review period), affirms MRFR (Market Research Future). By 2027, the market can expect to be worth USD 127.95 Million, exhibiting promising prospects.
Driving Factors and Impediments
Garcinia has a number of key applications in the pharmaceutical sector, used primarily for treating gastrointestinal disorders as well as diabetes. Its use as gastric and acid juice regulator, glucose metabolism, and antioxidant enhancer has been surging rapidly, thereby favoring the global market. Blossoming pool of diabetics worldwide owing to poor eating patterns along with the adoption of an inactive lifestyle has fostered the product demand to a huge extent. Garcinia helps bolster the red blood cell counts while cutting down the rate of hemolysis, which should further fortify its demand in the years ahead.
Alarming rise in the obesity rate caused by the decline in physical activities paired with the surging consumption of unhealthy food has raised the use of garcinia for weight reduction. The presence of HCA or Hydroxycitric acid in garcinia helps suppress the appetite, which reduces the cravings for more calories and leads to substantial weight loss. This has been a significant growth rendering factor, in terms of product demand. Other than this, use of garcinia as a condiment has been common in Southeast Asia cuisines for a long time. It is traditionally used as culinary spices and also offers medical benefits. The fruit and leaves are thermogenic, sour, digestive, constipating and astringent, due to which it finds use in bowel, rheumatic and inflammatory ailments.
The widening use case of garcinia in nutraceuticals and cosmeceuticals will present a host of lucrative opportunities to the top contenders in the global industry. Players are striving to bolster their global presence through acquisitions and mergers, while many of them are focusing on expanding their production capacity and extensive research and development activities to boost the application scope of garcinia.
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Segmental Review
Form as well as application have been considered as the top segments in the study.
Powder and liquid are the forms in which garcinia is generally available in the global market.
Various applications of garcinia are in functional food & beverages, personal care and dietary supplements. Since 2018, the dietary supplements segment has remained in the lead, seizing a share of 81.19%, as more and more consumers are focusing on weight loss and fitness and are therefore, consuming more of these supplements. The functional food & beverage segment, on the other hand, is anticipated to note the fastest expansion rate of 3.97%, given the surging preference among consumers for functional edibles.
Regional Outlook
The garcinia market in Europe is all set to amass a valuation of USD 40.78 million by 2025-end, while also recording a growth rate of 3.71% over the conjectured period. Europe has taken the lead as the region is a leading producer of dietary supplements, which observe significant demand among consumers that are health conscious and are focused on weight loss and general well-being.
APAC stands as one of the most profitable markets in the world, with a large number of manufacturers present in the region. China occupied a considerable share of 31.93% in the year 2018 and has the potential to advance at a rate of 3.93% in the coming years. The country will continue to witness solid growth throughout the evaluation period, while Japan can expect to capture the fastest CAGR in the same period. Growing consumption of high calorie food, surging instances of diabetes, overeating, and the mounting prevalence of unhealthy and an inactive lifestyle remain the key reasons behind the strong product demand in the region. Additionally, the Indian fast-food industry has expanded notably in the past decade, bolstering the number of overweight and obese people in the country. The aggravating scenario in the country has been favorable for the garcinia market, which can continue to grow steadily over the following years.
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Market Participants
The important garcinia companies highlighted in the research report are Ambe Phytoextracts Private Ltd (India), Xian Tonking Biotech Co., Ltd (China), Hunan NutraMax Inc. (China), Indfrag Limited (India), Shaanxi Bolin Biotechnology Co., Ltd (China), Hunan Huacheng Biotech Inc. (China), Nuvaria Ingredients (US), Cymbio Pharma Private Limited (India), BioActives Europe GmbH (Germany), Xi’an Lyphar Biotech Co., Ltd (China), and others.
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